For sale?

Committee meets to discuss Lambeau Field naming rights

Remodeled Lambeau gives Packers a big boost GREEN BAY, Wis. (AP) -- Lambeau Field's remodeling won't be finished until next month, but the refurbished stadium already is paying big dividends for the Packers. The team said at its annual stockholders meeting Tuesday that the $295 million makeover has provided a financial windfall a year earlier than anticipated. The Packers reported total operating income of $153.1 million for the fiscal year ending March 31, an increase of $21.1 million over the previous fiscal year. The team's corporate reserve account, which is used for signing bonuses and other football operations expenses, has grown from $35.6 million in 2002 to $58 million. Most importantly, the Packers now rank 10th out of the 32 NFL teams in terms of revenue. A year ago, the team bottomed out at 20th after a steady decline from ninth in 1997, the last year they reached the Super Bowl. "We were really on the road to financial oblivion," said John Underwood, the team's treasurer. "I'm very pleased to say we've moved up to 10th. We will probably level off somewhere in that area, but we can compete at that spot." The Packers were able to realize benefits from the stadium makeover a year early because the construction is on schedule and on budget, Underwood said.

GREEN BAY, Wis. (AP) -- The Green Bay Packers and a city committee charged with overseeing the sale of naming rights to Lambeau Field have not received any unsolicited offers yet, members say.

"We haven't searched for offers ... and we have not received any unsolicited offers at this time," said Jason Weid, a Packers' attorney.

Packers representatives were scheduled to meet with committee members later Tuesday to discuss the issue.

Green Bay Mayor James J. Schmitt said no potential buyers have contacted him, either. "No one had called me and said, 'Mayor, what are you looking for?'"

But any potential buyer of the naming rights will not be a local company, Schmitt predicted.

"What is for sale is an icon. You are talking Wrigley Field, Fenway Park," he said. "Yes, the economy is tough but there are some companies that are making money."

The latest talks about naming rights come as a three-year, $295 million renovation and expansion of Lambeau Field is nearly complete.

Schmitt said he wants the naming rights issue moved forward because a majority of Brown County voters approved the sale in an advisory referendum in 2000.

Selling the rights would mean additional money -- at least $100 million -- to shorten the life of a 0.5 percent Brown County sales tax that is paying for part of the stadium renovation, Schmitt said.

Schmitt said any company that would buy the naming rights would have to pay at least $100 million immediately, not in installments over a period of years.

"I would be the first to tell you, it is a tall order," Schmitt said. "I don't know if it is a deal killer."

Schmitt expected the council's four-member advisory committee would recommend hiring an NFL marketing consultant to study the value of Lambeau Field's naming rights.

Packers President Bob Harlan has said he opposes selling naming rights but would go along with the city council's decision.

An agreement between the Packers and the city says the two sides must work together to sell the naming rights, and the city and team would share a sale's proceeds.

The Packers already have sold naming rights for three major gates entering the stadium. Under the deals, the Oneida Nation, Miller Brewing Co. and Verizon also pay for other advertising within the stadium and elsewhere, Weid said.

Adding a corporate name to the sports venue nicknamed "The Frozen Tundra" would represent a new chapter in the stadium's history.

Lambeau Field was built in 1957 as City Stadium. It was renamed Lambeau Field in 1965 following the death of E.L. "Curly" Lambeau, founder and first head coach of the Packers.

The Lambeau Field renovation that will be completed by the Sept. 7 season opener against Minnesota added more seats, concession stands and bathrooms. It also modernized the stadium and added a mall-like atrium for restaurants, shops, team offices and the Hall of Fame.

The team said it needed the changes to generate more revenue and keep the Packers competitive in the NFL.

 

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